Speaker 1: Bloomberg Audio Studios, podcasts, radio news, single.
Speaker 2: Best idea and a very busy day. Not his disjoint
Speaker 2: is what we saw two days ago, which was absolutely extraordinary.
Speaker 2: There was more of a pattern to it, There was
Speaker 2: more of a cadence to the day, the headlines of
Speaker 2: the war and all. Just as we went to tape
Speaker 2: the Iranians responding to President Trump's fifteen point piece plan.
Speaker 2: Wayne Sanders joined us from Bloomberg Intelligence. Hugely experienced in
Speaker 2: the new technology of our United States Army. Some very
Speaker 2: difficult questions with Wayne Sanders on that Robert Caplan was
Speaker 2: with us, a part owner of the Kansas City Royals.
Speaker 2: It was good to talk Royals baseball with mister Kaplan,
Speaker 2: of course, the former Dallas Fed President. An update from
Speaker 2: Robert Kaplan on the look before the war.
Speaker 3: If we talked literally just a month ago, we would
Speaker 3: have said, we're set up for a strong year of
Speaker 3: growth in twenty twenty six. Tax and centers, regulatory reform,
Speaker 3: AI data center power boom, and I think the Fed
Speaker 3: was hopeful in the back half of the year that
Speaker 3: headline inflation would tail off a bit, so they might
Speaker 3: be able to cut rates once or twice obviously because
Speaker 3: of what's going on in the Middle East. I think
Speaker 3: they're going to need to step back, that's the right
Speaker 3: thing to do and let this unfold. Then the market
Speaker 3: is sort of backed off.
Speaker 2: Also Robert Kaplan of Golden Sachs, and of course the
Speaker 2: former president of the Dallas Fed. Paul's particularly been way
Speaker 2: out front on what in God's name is going on
Speaker 2: in private credit. We had any number of good voices,
Speaker 2: including Gary Gensler in the other day, the former chairman
Speaker 2: of the se C. We had a just piercing conversation
Speaker 2: today with Randy Schrimmer with Churchill Ventures and you know,
Speaker 2: to speak to him about the state of private credit
Speaker 2: and update from Randy Schwimmer.
Speaker 4: At the large end of the market, they're being told
Speaker 4: that liquidity in private credit is very similar, it's converging
Speaker 4: with liquidity in public credit. The problem is, we Churchill
Speaker 4: and you know this are at the core middle market,
Speaker 4: which is very illiquid. The good news about being very
Speaker 4: liquid is that it is an efficient alternative to the
Speaker 4: liquid market that is trading up and down. If you
Speaker 4: try to impose liquidity on ill liquid asset class, you're
Speaker 4: going to create expectations that are being dashed, and so
Speaker 4: retail investors are confused. They think, oh, we can get out,
Speaker 4: No we can't.
Speaker 2: Randy Schwimmer just a brilliant conversation that combined with what
Speaker 2: you heard from mister Gensler, I think is just brilliant
Speaker 2: on this whole retalization of illiquid investments. Well, this will
Speaker 2: be a theme for us, I'm sure as we dive
Speaker 2: into the summer. The news flows is just absolutely extraordinary.
Speaker 2: On our podcast, We're Out an Apple and Spotify and
Speaker 2: YouTube podcasts, a single best idea